Value a decision. Read a cost of capital. Follow the cash a company returns.
Assumes Intro to Accounting. Start here anyway if you like.
Every class teaches one idea, asks you three questions on it and then puts it to work on a real company.
A dollar today beats a dollar later and the rate says by how much.
NPV is the profit after paying for the money. The forecast is where it goes wrong.
Match the rate to the risk of the project. Not to the company.
A multiple says what the market expects. Not what the company is worth.
Debt is cheaper because it's paid first. That's also why it's dangerous.
Apple borrows because it doesn't need to. That's the only time this move is safe.
A dividend hands you cash. A buyback hands you a bigger slice. Check that either is paid from cash flow.
EPS is profit divided by shares. Watch both before you believe it.
Read the maturity table before the total. When it's due matters more than how much.
Growth costs cash before it makes any. Write the working capital line next to the profit line.
A forecast is a list of assumptions. Name the three that decide it.
Five lines. The problem. The cost. The return. The NPV. What could go wrong. State the number where it stops working.
Every figure below was checked against the SEC's XBRL record on Sep 7 2026 unless marked otherwise. In millions of US dollars unless stated.
| Company | Period | Figure | Value | Concept checked |
|---|---|---|---|---|
| Apple | Mar 31 2023 | Market value of shares held by non-affiliates | 2,591,165 | dei EntityPublicFloat (10-K cover) |
| Apple | FY2023 | Operating income | 114,301 | OperatingIncomeLoss |
| Apple | FY2023 | Net income | 96,995 | NetIncomeLoss |
| Apple | FY2023 | Diluted earnings per share | $6.13 | EarningsPerShareDiluted |
| Apple | FY2022 | Diluted earnings per share | $6.11 | EarningsPerShareDiluted |
| Apple | FY2023 | Diluted weighted shares | 15,812.5 million | WeightedAverageNumberOfDilutedSharesOutstanding |
| Apple | FY2022 | Diluted weighted shares | 16,325.8 million | WeightedAverageNumberOfDilutedSharesOutstanding |
| Apple | Sep 30 2023 | Long-term debt non-current | 95,281 | LongTermDebtNoncurrent |
| Apple | Sep 30 2023 | Cash and equivalents plus marketable securities current | 61,555 | derived from Intro to Accounting day 3 |
| Apple | FY2023 | Free cash flow | 99,584 | derived. Intro to Accounting day 7 |
| Apple | FY2023 | Buybacks / dividends | 77,550 / 15,025 | PaymentsForRepurchaseOfCommonStock, PaymentsOfDividends |
| Netflix | Dec 31 2017 | Long-term debt | 6,499 | LongTermDebtNoncurrent |
| Netflix | Dec 31 2019 | Long-term debt | 14,759 | LongTermDebtNoncurrent |
| Netflix | Dec 31 2023 | Long-term debt | 14,143 | LongTermDebtNoncurrent |
| Netflix | FY2019 / FY2023 | Cash from operations | (2,887) / 7,274 | NetCashProvidedByUsedInOperatingActivities |
| Costco | FY2023 | Net income / revenue | 6,292 / 242,290 | NetIncomeLoss, Revenues |
| Apple | FY2022 | Net income | 99,803 | NetIncomeLoss |
| Costco | 2024 | Membership fee increase after seven years | stated | Costco announcement July 2024. Not from the 10-K |
Ten minutes. No account. No card.
Take my first class